Mortgages plc suspends ranges

There are also a number of revisions to its other mortgage products, inlcuding medium and light adverse.

Pending applications must be submitted by close of business on Tuesday 25 September. The following changes are effective from Wednesday 26 September:

• Heavy and Unlimited adverse range: all products are being suspended
• Medium adverse range: the maximum LTV is being reduced from 85% to 80%
• Light adverse range: the maximum LTV is being reduced from 90% to 85%
• Super Light, Near Prime and Near Prime Plus Self Cert range: the maximum LTV is being reduced from 90% to 85%
• Super Light, Near Prime and Near Prime Plus Full Status 90% range: rates will increase between 0.6-0.7%

Ian Whittaker, marketing director of Mortgages plc, said: “We are continuously monitoring our competitors to ensure Mortgages plc does not become isolated in any specific sectors of the adverse credit market. We have taken note of recent changes announced by other sub-prime lenders and have had to respond accordingly, in order to maintain the quality of our business.”